If you are a person who is looking for a personal loan, then you have probably come across sites like Oportun. These lenders offer quick loans that can give you a large sum of money within a day. However, these high-interest loans can be a burden to pay back. It is always a good idea to shop around before signing on the dotted line.
Oportun is a subprime lender that offers unsecured installment loans. These loans can range from $300 to $10,000 and can be financed for several years. In addition, these loans don’t have prepayment penalties. As a result, this is a good option for someone with poor credit, but be warned that the interest rates are a bit steep.
The company has an A+ rating with the Better Business Bureau. They offer loans in a variety of states. You don’t have to have a perfect credit score to qualify, but you should still do your homework before signing on the dotted line. There are other options, like secured personal loans.
While they may seem like a good choice for people with bad credit, they’re not the best. Besides their higher than average interest rates, their lack of transparency is also a concern. When you compare the terms of their loans to other online lenders, you’ll find that they do not offer as many features or options.
Moreover, the company has been subject to a number of lawsuits in recent years. One customer, for instance, lost a check that was issued to him by Oportun. He said that the company could have prevented his mishap by simply allowing him to pay the check through an ACH transfer. Instead, the company postedponed the payment date.
Even if you have a decent credit score, if you’re considering applying for an Oportun loan, you should still research the company. That’s because the lawsuit rate is higher than that of other companies.
Oportun has been accused of using aggressive debt collection practices. During a two-week period after the World Health Organization declared a coronavirus pandemic, the company announced a special hardship program for borrowers. This program is meant to help people who cannot afford to make their monthly payments.
The company’s website contains a tool that allows you to check your eligibility. Applicants enter their bank information and SSN, and they can then receive loan funds in as little as two business days. Although the company advertises that they can approve applicants the same day, it is a best practice to apply at least two weeks before the due date.
Oportun has been the subject of a months-long investigation by ProPublica and The Texas Tribune. The investigation drew on more than a million pages of court records from the company and interviewed attorneys, consumers, and industry experts.
While the company claims to be a financial ally to the Latino immigrant community, the scope of its legal activity is alarming. For example, the company is among the most litigious debt collectors in Texas, even though it only has about 60 percent of the lawsuits filed against its competitors.